Widely-owned Apple (AAPL 560.28) rose 49.72 points or 8.87% on an overnight gap. AAPL actually closed 5.99 points or 0.97% lower than it opened, and it closed below the day’s range midpoint, indicating selling pressure during normal trading hours. Now at 610, AAPL has recovered a Fibonacci 61.8% of its recent drop from 644 to 555, so it may be at a natural resistance zone.

The entire stock market seemed to be stimulated by AAPL’s upside gap. Before Wednesday, a variety of technical indicators had been demonstrating waning bullish momentum for stocks. A downside correction or shakeout had seemed overdue, according to past norms.

Although Wednesday was a strong day, it is just one day, and one day does not make a trend. The S&P 500 is still down 1.26% for April. I doubt that strong earnings of AAPL are enough to be a game changer for the entire stock market.

Following unusually large price run ups, stocks become more vulnerable to sudden reversals. Potential Reward relative to potential Risk remains unattractive for stocks at this time.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services.
Hedge funds lost 5%, according to COO Connect.
Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%.

But not all money managers were down in 2011; see:
Robert W. Colby Asset Management, Inc. (click here).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 major U.S. stock sectors ranked in order of long-term relative strength:
Available by subscription only (click here).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stock Market Indicators

The Dow Theory signaled a downside Secondary Reaction on 4/9/12, as both Industrials and Transports fell below their lows of the previous 3 weeks. The Averages gave an early warning by diverging after 2/3/12, as the Transports turned corrective and failed to confirm higher highs by the Industrials.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below the lows of the previous 11 weeks and closed further below its 50-day SMA on 4/24/12. Absolute price whipsawed back above its 50-day SMA on 4/25/12, but that does not appear overly significant.

iShares MSCI BRIC Fund (BKF) Relative Strength Ratio (BKF/SPY) fell below its lows of the previous 4 months on 4/25/12, reconfirming its bearish trend. Systematically, BKF/SPY remains bearish below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 1/13/11.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) fell below its lows of the previous 4 months on 4/25/12, reconfirming its bearish trend. EEM/SPY remains below its 50-day and 200-day SMAs. Longer term, the 50-day SMA has remained below the 200-day SMA every day since 2/3/11.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) reconfirmed a bearish major trend when it fell below its lows of the previous 8 years on 4/5/12. Systematically, EFA/SPY remains bearish below its 50-day and 200-day SMAs, and the 50-day SMA has remained below the 200-day SMA consistently every day since 1/14/11. Don’t be fooled by the minor stabilization over the past 2 weeks–the important trend is bearish.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) remains systematically bullish above its 50-day and 200-day SMAs, and the 50-day SMA has remained above the 200-day SMA every day since 8/25/11. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size. On the other side of the coin, Large Caps tend to underperform Mid Caps and Small Caps in bullish general market trends as investors prefer riskier and more volatile stocks.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) has been relatively weak for a year, since 4/5/11. IWM/SPY fell further below its lows of the previous 4 months on 4/10/12, reconfirming renewed downside momentum for the medium term. Systematically, IWM/SPY returned to bearish status again on 4/20/12 when the 50-day SMA crossed below the 200-day SMA.

The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) has been relatively weak since 4/5/11. MDY/SPY fell below its lows of the previous 3 months on 4/10/12, reconfirming downside momentum for the medium term. Systematically, MDY/SPY remains technically neutral, below both its 50-day and 200-day SMAs, but with the 50-day SMA slightly above the 200-day SMA.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sentiment for Contrary Thinking

Recent sentiment data, detailed below, indicates alarming degrees of optimism and bullish complacency. When the majority of investors has been bullish for some time, we can assume that investors are already fully invested in the market. Once everyone who is going to buy has already bought, stocks are vulnerable to a downside shakeout. The pendulum of emotion tends to swing too far in one direction, but market mood always reverts to the mean.

ABC News reported on 2/21/12 that 10 out of 10 investment strategists at large firms were bullish. http://abcnews.go.com/watch/world-news-with-diane-sawyer/SH5585921/VD55173505/world-news-221-dow-jones-climbs-past-13000

The Commitment of Traders (COT) report showed that the Commercials (giant corporations with deep pockets) have been buying “risk off” defensive futures contracts, specifically, the U.S. dollar and the ten-year Treasury note. On the other side, trend-following Speculators have been buying “risk on” aggressively bullish contracts, setting a new all-time net-long record in the Nasdaq futures. The unusually large size of Speculators’ positions implies a weak-handed, top-heavy stock market.

AAII Sentiment: There were 51.64% Bulls and 20.19% Bears, according to the AAII weekly survey reported on 2/9/12. This was the highest level of bullish sentiment in more than a year, since 52.34% Bulls on 1/13/11.

Investors Intelligence Sentiment: There were 54.8% Bulls versus 25.8% Bears, according to the Investors Intelligence weekly survey of stock market newsletter advisors reported on 2/15/11. This was the highest level of bullish sentiment since the stock market top in May, 2011.

Investment Newsletters recently were 75% bullish, the highest since near the major top in year 2000, according to Hulbert Digest.

Market Vane’s Bullish Consensus among Advisors and Newsletters rose to 65% Bulls–the same extreme level of optimism recorded at the February 2011 top in the stock market.

Short Selling ETFs were trading the lowest volume since the market top in April, 2011, according to Frank D. Gretz of Wellington Shields & Co.

Corporate insiders have been selling their companies’ stock at the heaviest rate since the market peak in April 2011, according to Mark Hulbert at MarketWatch. Insiders sold 656 shares for each 100 shares they bought, according to Argus Research Vickers Weekly Insider Report. That was a big change in insider behavior from 81 shares sold for each 100 shares bought in November. Since corporate insiders (officers, directors, and largest shareholders) know so much more about their companies than the public can possibly know, it is bearish when insiders sell at such a heavy pace.

NYSE short interest collapsed from a high peak of 16.1 billion shares sold short last September, which coincided with the stock market lows, to 12.5 billion shares sold short in February, which was the lowest level since last April, at the market top. Short interest represents a pool of potential demand for stocks, since short sellers eventually must buy back the shares they borrowed. That pool of demand has been depleted.

VIX Fear Index broke down below the lows of the previous 4 years on 3/16/12, hitting 13.66 intraday, its lowest level since 6/20/07. VIX is down from a peak of 48.00 on 8/8/11: such a large drop indicated a shift away from fear and toward bullish complacency. VIX is a market estimate of expected constant 30-day volatility, calculated by weighting S&P 500 Index CBOE option bid/ask quotes spanning a wide range of strike prices for the two nearest expiration dates.

The S&P 500 Composite Potential Resistance
1576.09, high of 10/11/2007
1552.76, high of 10/31/2007
1523.57, high of 12/11/2007
1498.85, high of 12/26/2007
1440.24, high of 5/19/2008
1422.38, high of 4/2/2012
1392.76, high of 4/17/2012
1391.56, low of 3/29/2012

The S&P 500 Composite Potential Support
1383.29, low of 4/18/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1381.16, 50-day SMA
1376.55, Fibonacci 100.0% projection 10/11 range
1357.38, low of 4/11/2012
1340.03, low of 3/6/2012
1337.35, low of 2/10/2012
1300.49, low of 1/30/2012
1277.58, low of 1/13/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1273.76, 200-day SMA
1257.46, low of 12/30/11
1257.58, Fibonacci 61.8% of 2011 range
1255.22, high of 12/22/2011
1248.64, low of 12/29/2011
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1238.81, Fibonacci 78.6% of 1,576.09 high
1234.81, low of 11/3/11
1231.04, high of 12/16/11
1226.64, low of 11/9/2011
1222.68, Fibonacci 50% of 2011 range
1224.57, high of 12/19/11
1215.20, low of 12/16/11
1209.47, low of 12/14/2011
1209.43, low of 11/17/2011
1204.49, Fibonacci 23.6% of 2009-11 range
1202.37, low of 12/19/11
1187.77, Fibonacci 38.2% of 2011 range
1158.66, low of 11/25/2011
1144.38, Fibonacci 23.6% of 2011 range
1101.73, Fibonacci 38.2% of 2009-11 range
1074.77, low of 10/4/2011
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1018.69, Fibonacci 50% of 2009-11 range
1008.55, Fibonacci 38.2% of 2009-2010 range
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
935.64, Fibonacci 61.8% of 2009-11 range
878.04, Fibonacci 61.8% of 2009-2010 range
874.17, Gann 62.5% of 2009-2010 range
869.32, low of 7/8/2009
817.40, Fibonacci 78.6% of 2009-11 range
805.17, Gann 75.0% of 2009-2010 range
785.13, Fibonacci 78.6% of 2009-2010 range
666.79, intraday low of 3/6/2009
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fixed-Income Investments

Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/24/11. Support 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance 119.14, 120.91, 121.64, 121.76, 124.02 and 125.03.

Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/21/11. Support 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance 105.80, 106.49 and 106.66.

Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) crossed above its 50-day SMA and its 200-day SMA on 4/25/12 and is now systematically bullish.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) appears to have turned corrective, in a minor way, after peaking on 3/19/12. It would not take much price strength to turn TIP/IEF bullish again, however. Systematically, TIP/IEF is neutral at this time: below its 50-day SMA (although just slightly below now), above its 200-day SMA, and the 50-day SMA has been above the 200-day SMA every day since 6/21/11.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tangible Assets, Commodities

U.S. dollar ETF (UUP) is systematically neutral at this time: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA above the 200-day SMA. Support 21.85, 21.74, 21.58, 21.07, and 20.84. Resistance 22.23, 22.47, 22.85, 23.52, 25.84, 27.19, 28.97.

CRB Commodity Price Index fell below its lows of the previous 4 months on 4/23/12. Systematically, CRB remains bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/18/11.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) fell below the lows of the previous 17 months on 4/18/12, for another a bearish trend confirmation. Systematically, DBA remains bearish, below both its 50-day SMA and 200-day SMAs, and with the 50-day SMA consistently below the 200-day SMA every day since 8/8/11.

Crude Oil, United States Oil ETF (USO) whipsawed back below its 50-day SMA on 4/3/12, turning systematically neutral. USO remains above its 200-day SMA, and the 50-day SMA has remained above the 200-day SMA consistently every day since 1/3/12. Support 38.31, 36.67, 35.73, 34.54, 32.52, 29.10, 26.28, and 22.74. Resistance 39.89, 41.38, 42.30, and 45.60.

Gold, SPDR Gold Shares ETF (GLD) broke down below its lows of the previous 12 weeks and fell further below its 50-day and 200-day SMAs on 4/4/12. Systematically, GLD turned bearish on 4/17/12, when its 50-day SMA crossed below its 200-day SMA. Support: 156.58, 156.19, 154.55, 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 163.20, 164.89, 166.57, 174.00, 175.46, 177.40, and 185.85.

Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) fell below its lows of the previous 3 years on 4/23/12, thereby reconfirming a bearish major trend for the long term. Systematically, GDX/GLD remains bearish: below its 50-day and 200-day SMAs, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.

Silver, iShares Silver Trust ETF (SLV) fell below its lows of the previous 3 months on 4/25/12, reconfirming a downtrend for the medium term. Systematically, SLV remains bearish: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA every day since 10/27/11. Support 28.63, 27.83, 25.65, and 24.44. Resistance: 32.34, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.

Silver/Gold ETFs Ratio (SLV/GLD) fell below below its lows of the previous 3 months on 4/25/12, reconfirming a downtrend for the medium term. SLV/GLD remains below its 50-day SMA, below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 8/30/11.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell further below its lows of the past 3 months on 4/16/12, confirming a downtrend for the medium term. Systematically, however, JJC remains neutral: below its 50-day and 200-day SMAs, and with the 50-day SMA now only moderately above the 200-day SMA. JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since JJC peaked at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this weakness may be suggesting rising doubts about prospects going forward.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Spotlight on event stocks: Here is a stock screen I designed to pick out potential event stocks, both Bullish and Bearish. Sometimes, stocks with large changes in price and volume are revealed to be deal stocks, sooner or later, or are the subject of some other extraordinary events, positive or negative.

Bullish Stocks: Rising Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
20.12% , UIS , UNISYS
1.61% , KCE , Capital Markets KWB ST, KCE
1.04% , JKD , LargeCap Blend Core iS M, JKD
2.06% , PWO , OTC Dynamic PS, PWO
5.29% , BA , BOEING
6.33% , NBR , NABORS
3.03% , SIL , Silver Miners Global X, SIL
5.47% , MSI , Motorola Solutions, MSI
1.94% , IGV , Software, IGV
6.22% , HOG , HARLEY DAVIDSON
8.82% , RFMD , RF Micro Devices Inc
2.65% , DLX , DELUXE
2.71% , IGM , Technology GS, IGM
7.12% , GLW , CORNING
7.76% , AFL , AFLAC
5.72% , RHI , ROBERT HALF
1.17% , FDV , Value 40 Large Low P/E FT DB, FDV
1.71% , VXF , Extended Mkt VIPERs, VXF
2.60% , XBI , Biotech SPDR, XBI
4.99% , TER , TERADYNE
3.36% , WYNN , Wynn Resorts L
1.55% , PJP , Pharmaceuticals, PJP
1.51% , FRN , Frontier Markets Guggenheim , FRN
3.46% , MVV , Ultra MidCap400 Double, MVV
0.52% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
4.98% , LSI , LSI LOGIC
6.40% , TUP , TUPPERWARE
6.07% , BRCM , BROADCOM STK A
1.51% , XLG , LargeCap Rydex Rus Top 50, XLG
3.28% , SHLD , SEARS HOLDINGS
4.19% , DOW , DOW CHEMICAL
2.08% , IGT , INTL GAME TECH
2.37% , PEJ , Leisure & Entertainment, PEJ

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-7.47% , CHRW.O , CH Robinson Worldwide Inc, CHRWD
-8.09% , JNY , JONES APPAREL
-7.01% , HES , AMERADA HESS
-1.95% , MYY , Short 100% MidCap 400, MYY
-4.58% , CAT , CATERPILLAR
-3.57% , GD , GENERAL DYNAMICS
-3.92% , LO , Lorillard, Inc. LO
-1.74% , TMK , TORCHMARK
-2.43% , ROK , ROCKWELL AUTOMAT
-3.51% , MDP , MEREDITH
-2.51% , DPS , Dr Pepper Snapple Group
-3.50% , MZZ , Short 200% MidCap 400 PS, MZZ
-0.48% , RYAAY , Ryanair Holdings plc
-1.04% , AN , AUTONATION
-2.81% , GNW , GENWORTH FINANCIAL
-1.53% , NOV , NATIONAL OILWELL VARC0
-1.62% , S , SPRINT NEXTEL
-0.74% , BIDU , Baidu, Inc., BIDU
-2.92% , SDS , Short 200% S&P 500 PS, SDS
-0.85% , SO , SOUTHERN
-0.52% , BCR , C R BARD
-0.51% , WLP , WELLPOINT HEALTH
-0.78% , EWZ , Brazil Index, EWZ
-0.51% , TLT , Bond, 20+ Years Treasury, TLT
-0.70% , ESRX , EXPRESS SCRIPTS
-5.40% , QID , Short 200% QQQ PS, QID
-0.81% , CMI , CUMMINS
-0.23% , SLV , Silver Trust iS, SLV
-1.37% , SH , Short 100% S&P 500, SH
-0.66% , PPL , PPL
-0.81% , FDX , FEDEX
-0.87% , EXPD , Expeditors International WA
-0.50% , NIHD , NII Holdings, Inc.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
3.56% Italy Index, EWI
3.11% Technology DJ US, IYW
3.04% Info Tech VIPERs, VGT
2.93% France Index, EWQ
2.81% Technology SPDR, XLK
2.66% QQQ Nasdaq 100 Trust, QQQ
2.60% Biotech SPDR, XBI
2.51% Metals & Mining SPDR, XME
2.49% EMU Europe Index, EZU
2.44% Sweden Index, EWD
2.40% Basic Materials DJ US, IYM
2.30% Germany Index, EWG
2.30% Semiconductor SPDR, XSD
2.23% Semiconductor iS IGW, SOXX
2.22% Spain Index, EWP
2.11% Materials SPDR, XLB
2.04% Belgium Index, EWK
2.02% Growth SmallCap R 2000, IWO
2.00% Homebuilders SPDR, XHB
2.00% Growth SmallCap VIPERs, VBK
1.94% Growth VIPERs, VUG
1.87% Austria Index, EWO
1.86% Growth MidCap 400 B, IJK
1.83% Growth MidCap Russell, IWP
1.83% Growth 1000 Russell, IWF
1.80% Netherlands Index, EWN
1.79% Growth S&P 500/BARRA, IVW
1.75% Networking, IGN
1.73% Taiwan Index, EWT
1.73% MidCap S&P 400 SPDRs, MDY
1.71% Small Cap VIPERs, VB
1.70% MidCap S&P 400 iS, IJH
1.68% Consumer Discretionary SPDR, XLY
1.67% Value MidCap S&P 400 B, IJJ
1.66% Europe 350 S&P Index, IEV
1.64% European VIPERs, VGK
1.63% Growth BARRA Small Cap 600, IJT
1.61% Capital Markets KWB ST, KCE
1.59% Canada Index, EWC
1.58% SmallCap S&P 600, IJR
1.56% SmallCap Russell 2000, IWM
1.55% South Africa Index, EZA
1.51% LargeCap VIPERs, VV
1.51% Frontier Markets Guggenheim , FRN
1.50% MidCap Russell, IWR
1.48% Value SmallCap S&P 600 B, IJS
1.48% Blend Total Market VIPERs, VTI
1.46% LargeCap 1000 R, IWB
1.45% LargeCap Blend Russell 3000, IWV
1.45% Australia Index, EWA
1.41% Microcap Russell, IWC
1.41% WilderHill Clean Energy PS, PBW
1.41% S&P 500 iS LargeCap Blend, IVV
1.41% LargeCap Blend S&P 100, OEF
1.41% Energy & Nat Res iS GS, IGE
1.38% Turkey MSCI iS, TUR
1.37% S&P 500 SPDRs LargeCap Blend, SPY
1.36% EAFE Index, EFA
1.35% Value SmallCap VIPERS, VBR
1.34% Water Resources, PHO
1.32% Value EAFE MSCI, EFV
1.31% Pacific ex-Japan, EPP
1.30% Value SmallCap Russell 2000, IWN
1.25% Growth EAFE MSCI, EFG
1.23% Value MidCap Russell, IWS
1.23% LargeCap Blend S&P=Weight R, RSP
1.22% Switzerland Index, EWL
1.20% Small Cap EAFE MSCI iS, SCZ
1.19% REIT Wilshire, RWR
1.17% Singapore Index, EWS
1.17% Mexico Index, EWW
1.15% Energy VIPERs, VDE
1.15% REIT VIPERs, VNQ
1.14% Dividend SPDR, SDY
1.12% Realty Cohen & Steers, ICF
1.10% Real Estate US DJ, IYR
1.10% Energy Global, IXC
1.08% Financial Services DJ, IYG
1.07% South Korea Index, EWY
1.07% Financial DJ US, IYF
1.06% Global ex US ACWI iS, ACWX
1.06% Financials VIPERs, VFH
1.05% Health Care SPDR, XLV
1.05% Energy DJ, IYE
0.99% Energy SPDR, XLE
0.98% Value 1000 Russell, IWD
0.91% China 25 iS, FXI
0.91% Transportation Av DJ, IYT
0.90% Emerging Markets, EEM
0.86% Global 100, IOO
0.86% Dividend International, PID
0.86% Emerging VIPERs, VWO
0.85% Financial SPDR, XLF
0.81% Value VIPERs, VTV
0.81% United Kingdom Index, EWU
0.81% Value S&P 500 B, IVE
0.81% China LargeCap Growth G D H USX PS, PGJ
0.80% Russia MV, RSX
0.76% Dividend Appreciation Vipers, VIG
0.76% Bond, High-Yield Junk, JNK
0.76% Pacific VIPERs, VPL
0.75% Dividend High Yield Equity PS, PEY
0.73% Dividend DJ Select, DVY
0.73% Bond, High-Yield Corporate, HYG
0.71% DIAMONDS (DJIA), DIA
0.69% Value LargeCap Dynamic PS, PWV
0.65% Consumer Staples SPDR, XLP
0.64% Telecom DJ US, IYZ
0.63% Hong Kong Index, EWH
0.61% Oil, Crude, U.S. Oil Fund, USO
0.57% Utilities VIPERs, VPU
0.57% Commodity Tracking, DBC
0.57% Oil Fund PowerShares, DBO
0.54% Thailand MSCI iS, THD
0.52% Japan Index, EWJ
0.51% Utilities SPDR, XLU
0.45% Financial Preferred, PGF
0.42% Chile MSCI iS, ECH
0.38% India Earnings WTree, EPI
0.35% Malaysia Index, EWM
0.33% Bond Ex-US Treas, BWX
0.32% Bond EmrgMkt JPM iS, EMB
0.31% Indonesia MV, IDX
0.28% Preferred Stock iS, PFF
0.22% Emerging 50 BLDRS, ADRE
0.20% Gold Shares S.T., GLD
0.19% Industrial SPDR, XLI
0.17% Bond, Corp, LQD
0.11% India PS, PIN
0.08% Bond Muni ATM-Free S&P iS, MUB
0.05% Bond, Aggregate, AGG
0.02% Bond, 1-3 Year Treasury, SHY
0.00% Bond Treasury Short-Term iS, SHV
-0.04% Bond, TIPS, TIP
-0.12% Bond, 10 Year Treasury, IEF
-0.22% Latin Am 40, ILF
-0.23% Silver Trust iS, SLV
-0.33% Agriculture DB PS, DBA
-0.51% Bond, 20+ Years Treasury, TLT
-0.78% Brazil Index, EWZ
-1.37% Bear, Short S&P 500, SH